"I remember being surprised that the chart of accounts was completely different in each job I took," said Lloyd. "I had graduated with excellent grades, but with the misconception that there was a one-size-fits-all way to do accounting."

He added, "My professors had touched on different types of accounts, but had not gone into much detail with the students. As a new accountant, I was tempted to look for this information in the textbook, but it was more of an awareness issue than a question I could research."

Thirty-five years later and now a retired CEO of an international manufacturing company, Lloyd can share from his years of experience a number of insights that accounting professors might offer their accounting students preparing for the business world. He recommends the following:

• Get sample charts of accounts from several kinds of companies to demonstrate the differences. Compare and contrast how various types of companies chart this information, and stress the importance of how to classify what is included as an expense versus an asset or liability.

• Invite financial professionals from several kinds of businesses to give guest lectures on company operations from the inside out. Have them explain how cash flow is equally or more important than profit margins in business, and how accounting can present that financial picture in many different ways.

• Teach students to communicate financial information to non-financial associates.

• Encourage (and even facilitate) internships so that students can get practical experience before they graduate.

  "I've hired a lot of accountants over the years," he said, "and if all other conditions were equal, I would hire the ones that worked their way through college because they had more than book knowledge. Internships are great recruiting tools, and offer businesses the chance to influence students' course selection along the lines of what the company might need them to know for fulltime work after college."

• Use real-world case studies, particularly those illustrating the impact of mergers and acquisitions on the accounting function.

Steve Palmerton, a partner with a CPA firm, also recalls a memorable post-college culture shock on his first job. Surprisingly, I never learned how to do a bank reconciliation during my accounting classes. On my first job out of school, I had to ask a senior co-worker to help me with it because this particular business had its banking records so messed up I didn't know where to start."

Steve recommended accounting professors cheer their promising accounting students to greater heights, promoting the job security that the field seems to offer. "I understand there's a huge shortage of accountant grads and CPAs right now -- possibly even the biggest need for them in the history of the profession."

He admited that the CPA certification process is somewhat grueling, but encouraged professors to tell their students that the rewards for hanging in there are more than monetary.

"I really enjoy being involved with people from the point they open their first business bank account to the point they've built a successful business," he added. "Having counseled them along the way, I celebrate their success and even feel a part of it.

Estate planning and probate specialist Deborah Touchy, CPA, JD, wished her professors had described the variability within the profession. According to Deborah, "This sounds like crazy advice, but I think professors should stress to their students that there isn't always one right answer in the field of accounting. In fact, that was part of my motivation to seek my CPA and JD."

Explained Touchy, "Professors can tell students that there is life after accounting class -- that maybe they should consider law school. My accounting training has helped me understand the numbers, and my law degree has strengthened my ability to communicate that knowledge by way of advice for my clients."

"One of the most important messages for students is that accountants are the scorekeepers for the company," noted Lloyd. "Additionally, it's important to stress that there are certain general rules to follow, but that there is a great deal of flexibility in determining what you measure, how you measure and how you get to your business targets. Students pursing this career should be told the incredible value of accounting know-how: that understanding the financial perspective gives them insight into technical issues, quality and operational issues and is excellent training ground to move up in an organization."

Touchy agreed. "Tell students that accounting is a wonderful base for anything and everything from being the PTA president to being a CEO. It is the best entry way into management -- and it comes in handy for home budgeting as well!"